Canadian debt loads rise to highest level in eight years

[Locutus]

Despite repeated warnings to stop borrowing,...

We're sick of telling ya boneheads.


Despite repeated warnings to stop borrowing, Canadian consumers’ debt loads continue to climb to their highest level in eight years, a new report says.

The average consumer’s total debt load in the second quarter set a new record at $26,221, an increase of $192, TransUnion said Thursday. The figure excludes mortgage debt.

That’s up 0.74 per cent from the previous quarter and 2.41 per cent from a year ago and is the highest since the firm began tracking the variable in 2004, the consumer credit reporting agency said.

The increase defies repeated warnings from Bank of Canada Governor Mark Carney and others that record high household debt loads put consumers and the economy at risk.


it's not our fault:


Canadian debt loads rise to highest level in eight years - thestar.com

 

[skookumchuck]

In a society constantly under siege from mass market advertising. Children set up while yet in diapers to be consumers (in the worst sense of the word), the "easy button" god of commerce promoted by all banks, then disingenuously decried by the bank of Canada......well hell no! I'm not surprised.

 

[tay]

Yes I drive by a bank every day with an eastern province in it's name and it has all kinds of signs telling me that 'Im richer than I think' so get in here and take out a big loan/line of credit on my homes equity.......

 

[Bar Sinister]

The problem is not quite as simple as the article states. When many Canadians are denied a decent living wage they do what they have to to enjoy a modest lifestyle. If borrowing is the only way to own a car, buy furniture and appliances, and so on, then that is what cash-strapped wage earners will do. The low interest rate make it easy to carry a huge debt load without too much of a strain, especially as Canadians are constantly bombarded with bank advertising encouraging them to borrow even more.